"The Assembly is not about to be lectured by a governor whose budget policies have led to massive property tax hikes and a ballooning pension deficit," Cryan said in a statement. "It's time for this governor to be held accountable for his actions and stop blaming everyone else."

The state's rating was downgraded from AA to AA-, according to S&P spokeswoman Ana Sandoval. The report detailing the downgrade will be made available later, Sandoval said.